Next-generation transaction monitoring tools that use AI and ML technologies are getting faster and more accurate, drastically cutting the number of false positives. Yet fear and suspicion around the “black box” nature of AI is still keeping potential adopters away from these technologies. [...]
Fintechs rely on transaction monitoring software to secure their innovative platforms against increasingly sophisticated financial crimes. They have an obligation both to their customers and to regulators to ensure their financial business is not exploited by criminals. But in the fast-moving and [...]
2021 was another bumper year for fines slapped against financial institutions (FIs) for failures in anti-money laundering (AML) compliance. AML shortcomings in transaction monitoring are a global problem. Countries whose banks were hit with fines include the United States, Germany, the Netherlands, [...]
RegTech is getting more attention in the fintech ecosystem this year, alongside the surge in cross-border money transfers and expansion of digital transfer platforms. Accelerated by the COVID-19 pandemic, the popularity of electronic payments is spiking both the volume and complexity of financial [...]
Black Friday, Cyber Monday, Cyber Week, Black November, Christmas and New Year’s vacations, aka the commercial part of the “Holiday Season.” For shoppers, retailers, and holidaymakers, it’s one of the most satisfying times of the year. For banks and payment service providers, however, the [...]
Competition is heating up in the low-cost international money transfer business, with new fintechs putting pressure on the traditional MTOs and incumbent banks. It’s the 31st of the month. A migrant worker working in the Gulf waits in his employer’s office to receive his monthly wages. With [...]